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This is to introduce you to an important concept in financial planning and to convince you that disability planning is as important as estate planning, particularly for a younger person. This concept is called a DURABLE POWER OF ATTORNEY which gives autority to an agent which continues despite the disability or incapacity of the maker of the power, or springs into existence when the maker of the power becomes incapacitated. It is a substitute for a court-appointed guardian or conservator. Death is inevitable, but few people realize just how likely a period of prolonged disability is, or the magnitude of the financial and personal management problems which will result if a disability occurs. Insurance statistics tell us that one out of every two Americans will suffer a period of prolonged disability in his or her lifetime. Certainly, these statistics should be enough to convince anyone that there is a need for disability planning. If you do not have a Durable Power of Attorney and become incapacitated, the only recourse will be for your family to ask the court to appoint a guardian for you. Such a procedure is cumbersome, public, time-consuming and expensive. Hopefully, this information will convince you that it is desirable to discuss the need for a Durable Power of Attorney with an attorney at our firm. |
